This week, the Oklahoma City Council approved the policy guide for the new tax increment financing districts in the Core to Shore reinvestment area.
This guide outlines the goals and objectives of the TIF districts, and details how assistance in development financing will be provided by allocation of tax increment revenue to assist private, tax-generating real estate development projects.
It is the intent of the Core to Shore reinvestment area to create a series of active, high-density and high-quality mixed-use urban districts as envisioned by the Core to Shore redevelopment framework adopted by the Oklahoma City Council in 2008. Increment created through six TIF districts will be targeted toward both public and private projects that support several objectives, including:
• Extension of the central business district to the south to envelop the Myriad Gardens with high-density, mixed-use development.
• Connecting the central business district and Myriad Gardens south to the new MAPS 3 park and the Oklahoma River through an attractive and engaging urban environment of buildings and streets.
• Creation of opportunities for significant amounts of housing, office, hotel and retail space.
• Leveraging the catalytic investment opportunities generated by the new convention center and hotel.
• Developing impactful and well-designed private development along major public investments, including the MAPS 3 Park, the new Oklahoma City Boulevard, and the Oklahoma River.
• A range of new housing opportunities, from high-rise flats to single-family neighborhoods.
• Enhancement of Wheeler Park as a major open space and recreational asset.
• Preservation of historic resources and adaptive reuse of historic buildings.
• Stimulating private and public development by upgrading and enhancing utility infrastructure.
Read the full article at The Journal Record.